（编辑 任世碧） 证券日报网讯 12月18日晚间，保变电气发布公告称，公司分别于2025年10月24日和11月13日，召开第 八届董事会第三十九次会议和2025年第三次临时股东大会，审议通过了《关于修订的议案》，其中涉及 公司经营范围调整。近日，公司按照市场监督管理部门要求对经营范围进行了规范化表述，完成了相关 工商变更登记手续及《公司章程》的备案，取得了保定市行政审批局换发的营业执照。 ...

保定天威保变电气股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 证券代码：600550 证券简称：保变电气 公告编号：临 2025-063 保定天威保变电气股份有限公司（以下简称"公司"）分别于 2025 年 10 月 24 日和 11 月 13 日，召开第八届董事会第三十九次会议和 2025 年第三次临时股东大会，审议通过了《关于修订<公司章程>的 议案》，其中涉及公司经营范围调整。 近日，公司按照市场监督管理部门要求对经营范围进行了规范化 表述，完成了相关工商变更登记手续及《公司章程》的备案，取得了 保定市行政审批局换发的营业执照，相关登记信息如下： 统一社会信用代码：91130600718358175D 名称：保定天威保变电气股份有限公司 类型：其他股份有限公司（上市） 住所：保定市天威西路 2222 号 法定代表人：刘淑娟 注册资本：壹拾捌亿肆仟壹佰伍拾贰万捌仟肆佰捌拾元整 成立日期：1999 年 9 月 28 日 经营范围：一般项目：变压器、整流器和电感器制造；机械电气 设 ...

河北王笑娟律师事务所 关于保定天威保变电气股份有限公司 二〇二五年第四次临时股东会的 法律意见书 致：保定天威保变电气股份有限公司（以下简称"公司"） 河北王笑娟律师事务所依法接受公司的委托，指派律师出席并见 证公司二〇二五年第四次临时股东会（以下简称"本次股东会"）。 二、关于本次股东会出席人员的资格 1、根据通知，有权出席本次股东会的人员为截至 2025 年 12 月 12 日下午收市后，在中国证券登记结算有限公司上海分公司登记在 册的公司全体股东或授权代表；公司董事、高级管理人员；公司聘请 的见证律师。 根据《中华人民共和国公司法》（以下简称《公司法》）、《上 市公司股东会规则》（以下简称《股东会规则》）和《保定天威保变 电气股份有限公司章程》（以下简称《公司章程》）的有关规定，本 所律师审查了本次股东会的相关材料，并对本次股东会的召集、召开 程序，出席人员的资格，提案的审议情况，会议的表决程序及表决结 果等重要事项的合法性进行了现场核验。现发表法律意见如下： 一、关于本次股东会的召集、召开程序 1、本次股东会召集人为公司董事会，公司董事会于 2025 年 12 月 3 日在上海证券交易所网站和《证券日 ...

重要内容提示： 证券代码：600550 证券简称：保变电气 公告编号：临 2025-062 保定天威保变电气股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 本次股东会由董事长刘淑娟主持，会议的召集、召开、表决方式 符合《公司法》和《公司章程》的有关规定。 (五) 公司董事和董事会秘书的列席情况 1、 公司在任董事9人，列席9人。 2、 董事长刘淑娟代行董事会秘书职责，参加了本次会议。公 司部分高管人员列席了本次股东会。 二、 议案审议情况 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 12 月 18 日 (二) 股东会召开的地点：公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1、出席会议的股东和代理人人数 | 1,135 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,034,770,541 | | 3、出席会议的股东所持有表决权股份数占公司 ...

作为当前市场上炙手可热的科技龙头品种，寒武纪因受益于国内算力需求的持续释放，今年 前三季度业绩大幅增长，但在此之前，该公司的业绩其实是一直处于亏损困境的。由于业绩 的持续亏损，导致其未分配利润出现了负数，截至2024年12月31日，母公司财务报表累计未 分配利润高达-27.78亿元。 2025年12月15日晚，国内AI芯片领域头部厂商寒武纪（688256.SH）发布公告称，《关于使用公积金弥 补亏损的议案》在当天召开的临时股东大会上获审议通过。根据议案，该公司拟使用母公司资本公积 27.78亿元用于弥补母公司累计亏损，本次公积金弥补亏损以该公司2024年末母公司未分配利润负数弥 补至零为限。 经济观察报记者留意到，除了寒武纪，统一股份（600506.SH）、经纬恒润（688326.SH）、中关村 （000931.SZ）、保变电气（600550.SH）、冠捷科技（000727.SZ）、金杯汽车（600609.SH）等公司均 在近期内发布了与"资本公积弥补亏损"相关的公告。 备受上市公司青睐的"资本公积弥补亏损"，究竟是怎么一回事？ 为何要"补亏"？ 作为当前市场上炙手可热的科技龙头品种，寒武纪因受益于国内算力需 ...

Core Viewpoint - The article discusses the recent financial maneuver by Cambricon (寒武纪) to use its capital reserve to offset accumulated losses, which has raised questions about the implications for the company's financial health and investor confidence [2][5][12]. Group 1: Company Performance and Financial Maneuver - Cambricon has experienced significant growth in its performance due to the increasing domestic demand for computing power, but it has faced continuous losses prior to this year [1][4]. - The company's net profits from 2020 to 2024 were -4.35 billion, -8.25 billion, -12.56 billion, -8.48 billion, and -4.52 billion respectively, leading to a cumulative undistributed profit of -27.78 billion by the end of 2024 [4]. - Despite the losses, Cambricon's capital reserve has grown from 73.21 billion at the end of 2020 to 96.25 billion at the end of 2024, prompting the decision to use 27.78 billion from this reserve to offset losses [4][9]. Group 2: Rationale Behind the Loss Offset - The primary reason for using capital reserves to offset losses is to eliminate historical losses from a financial perspective, which can enhance the company's ability to provide returns to investors [5][9]. - If the undistributed profits are negative, the company cannot distribute dividends even if it achieves profitability in the current year. By offsetting losses, Cambricon aims to meet the conditions for potential dividends in the future [5][9]. Group 3: Market Reactions and Concerns - The announcement of using capital reserves to offset losses has led to skepticism among market participants, with some investors expressing concerns about the potential for financial statement distortion and the implications for the company's long-term growth [7][8]. - There is a belief that focusing on dividend preparations at this stage may weaken the company's competitive edge, especially for a tech company like Cambricon that requires substantial investment for growth [8][12]. Group 4: Industry Trends - The practice of using capital reserves to offset losses is becoming more common among listed companies, with many firms following Cambricon's lead in recent announcements [11][12]. - A significant number of companies have issued announcements regarding the use of capital reserves to offset losses, indicating a growing trend in the market [12].

经济观察报记者 邹永勤 2025年12月15日晚，国内AI芯片领域头部厂商寒武纪（688256.SH）发布公告称，《关于使用公积金弥补亏损的议案》在当天召开的临时股东大会上获审议 通过。根据议案，该公司拟使用母公司资本公积27.78亿元用于弥补母公司累计亏损，本次公积金弥补亏损以该公司2024年末母公司未分配利润负数弥补至 零为限。 经济观察报记者留意到，除了寒武纪，统一股份（600506.SH）、经纬恒润（688326.SH）、中关村（000931.SZ）、保变电气（600550.SH）、冠捷科技 （000727.SZ）、金杯汽车（600609.SH）等公司均在近期内发布了与"资本公积弥补亏损"相关的公告。 备受上市公司青睐的"资本公积弥补亏损"，究竟是怎么一回事？ 为何要"补亏"？ 作为当前市场上炙手可热的科技龙头品种，寒武纪因受益于国内算力需求的持续释放，今年前三季度业绩大幅增长，但在此之前，该公司的业绩其实是一直 处于亏损困境的。 寒武纪是在2020年7月份上市的，其2020年至2024年的归母净利润分别为-4.35亿元、-8.25亿元、-12.56亿元、-8.48亿元、-4.52亿元。由于业绩的持续 ...

导读：①商业航天延续强势，海内外消息面催化持续共振下，板块呈现高位抱团与低位补涨并行的态 势；②可控核聚变崛起，或与商业航天一起联动活跃；③英伟达闭门峰会催化电力短缺解决方案，出海 电力概念的预期再度升温。 商业航天依旧是目前市场延续性最强的题材方向。消息面上，商业航天依旧保持着海内外产业催化共振 之势。近期SpaceX IPO官宣：SpaceX正式向员工通报2026年IPO计划，整体估值约8000亿美元。国内方 向，国家层面将发起设立商业航天发展基金，为长周期、重资产的火箭可回收、星座组网等项目提 供"耐心资本"。而从个股来看，航天动力、顺灏股份、龙洲股份、航天发展等均维持强劲走势，而华菱 线缆等个股同样后来居上表现亮眼。目前呈现出低位补涨和高位抱团并行。 可控核聚变概念同样值得关注，中洲特材、中国核建、雪人集团、保变电气等10余股涨停。消息面上中 央经济工作会议提出，深入推进重点行业节能降碳改造。制定能源强国建设规划纲要，加快新型能源体 系建设，扩大绿电应用。从市场的角度而言，上周四开始发酵后，周五进一步加强，与指数形成了小幅 共振，反映出资金对于该方向的重视程度不断提升。该题材中部分个股与商业航天重合， ...

Group 1: AI and Technology Sector - China is experiencing strong momentum in AI development across all levels, with large model enterprises continuously making progress and AI infrastructure capabilities rapidly improving. The technology sector in China is considered one of the most significant opportunities globally [1][5] - UBS Wealth Management forecasts a potential growth of 37% in corporate earnings in China for 2026, supported by abundant liquidity and inflows from individual investors [5] Group 2: Commercial Space Industry - The commercial space sector continues to show strong performance, with companies like Zhenhua Technology achieving five consecutive trading limits and other firms like Tianli Composite and Aerospace Power also performing actively [2] - The U.S. company SpaceX is planning an IPO in 2026, aiming to raise over $30 billion, with its Starlink satellite internet service expected to become a major revenue source [2] - China's commercial space industry has formed a complete ecosystem covering upstream manufacturing, midstream launch and operation, and downstream application services, with significant investment opportunities anticipated [2][3] Group 3: Controlled Nuclear Fusion - The controlled nuclear fusion concept has seen a surge, with multiple stocks hitting trading limits. The global nuclear fusion market is projected to reach $496.55 billion by 2030 and exceed $1 trillion by 2050 [4] - The urgency for global energy transition is driving controlled nuclear fusion from laboratory research towards engineering and commercialization, with material innovation being a key bottleneck [4] Group 4: Market Outlook - Multiple foreign institutions express optimism for the Chinese stock market in 2026, with a focus on the AI sector and technology stocks as key growth areas [5] - Citigroup has reduced exposure to emerging market stocks outside of China, indicating a strategic shift towards the Chinese market, which is expected to provide stable support for investments [5]

Monetary Policy - As of the end of November, the broad money supply (M2) in China reached 336.99 trillion yuan, reflecting a year-on-year growth of 8% [1] - The narrow money supply (M1) stood at 112.89 trillion yuan, with a year-on-year increase of 4.9% [1] - The currency in circulation (M0) amounted to 13.74 trillion yuan, showing a year-on-year growth of 10.6% [1] - A net cash injection of 917.5 billion yuan occurred in the first eleven months of the year [1] Banking and Financial Services - The total scale of bank wealth management products has reached a historic high of approximately 33.8 trillion yuan, nearing 34 trillion yuan [2] - In the first eleven months, 14 wealth management companies collectively grew by about 3.43 trillion yuan, with "fixed income plus" products contributing an additional 1.32 trillion yuan [2] - The market saw a significant increase of 1.67 trillion yuan in the fourth quarter alone, accounting for nearly half of the annual growth [2] Regulatory Developments - The China Securities Investment Fund Industry Association has drafted a consultation document to standardize fund sales behavior, aiming to prevent misleading practices and protect investor rights [2] - The document outlines clear requirements for fund promotion, sales information disclosure, and performance assessment [2] Corporate Actions - Taihao Technology plans to use 13.67 billion yuan from its capital reserves to cover significant losses, a move that reflects a broader trend among A-share companies to address accumulated losses amid new regulatory changes [4] - Over 30 listed companies have announced similar plans to utilize capital reserves to offset losses, with total amounts exceeding 30 billion yuan [4] Market Trends - The top ten wafer foundries reported a quarter-on-quarter revenue increase of 8.1% in Q3 2025, driven by demand for AI and consumer electronics [4] - The global wafer foundry industry is expected to face challenges in 2026 due to international market conditions and conservative demand forecasts [4] Industry Developments - A new company, Beijing Guanghe Qiancheng Technology, has been established by leading silicon material firms, marking a significant step towards reducing overcapacity in the photovoltaic industry [5] - Future silicon material production capacity is planned to be capped at 1.5 million tons [5] Legal and Compliance Issues - The China Securities Regulatory Commission has penalized three individuals for manipulating the stock of Shandong Jincheng Pharmaceutical Group, resulting in fines and market bans [3] - Huayi Brothers' founder has received a consumption restriction order due to an advertising contract dispute, with the company facing a financial penalty of over 11.4 million yuan [8] IPO and Market Activity - Youyan Composite Materials has received approval for its IPO on the Sci-Tech Innovation Board [9] - Shouyao Holdings is planning to issue H-shares and list on the Hong Kong Stock Exchange [10] Corporate Changes - The chairman of Jinling Hotel has resigned due to work changes, leaving the company without any executive positions held by him [11] - *ST Chang Pharmaceutical's subsidiary has recently ceased operations due to financial difficulties and competitive pressures in the photovoltaic sector [12] Project Announcements - Jiangsu Guoxin's subsidiary has successfully completed the trial operation of a new 1000MW coal-fired power generation unit [13] - *ST Zhisheng has won a 1.04 billion yuan contract for a smart city governance project, significantly impacting its projected annual revenue [17]